T2C

People still talk about $IREN like it’s a speculative AI infrastructure story. Look at the customer base. • Microsoft $MSFT — ~$3.9T market cap $9.7B contract with IREN • NVIDIA $NVDA — ~$4.9T $3.4B contract Worth remembering NVIDIA isn’t just supplying IREN GPUs — it’s also buying capacity from them for its own AI/research workloads. • Prometheus — private, ~$41B valuation Jeff Bezos-backed industrial AI company. Part of IREN’s $2.8B batch of new contracts. • Perplexity — private, $30B+ valuation discussions 1.5B+ queries per month. Running workloads on IREN Blackwell Ultra GPUs. • Together AI — private, ~$8.3B valuation $1B+ annual bookings. Another AI cloud buying infrastructure from IREN. • Figure AI — private, ~$39B valuation Humanoid robotics. Separately signed a $3.5B compute deal with Nscale, which gives an idea of the amount of compute this sector could require. • Cohere — private, ~$25B valuation Enterprise AI / foundation models. Around 300 customers and strong ARR growth. • Fireworks AI — private, ~$17.5B valuation $1B+ annualised revenue. IREN has already said Fireworks renewed and expanded. • fal.ai — private, ~$8B valuation AI image/video infrastructure. • Higgsfield — private, ~$5.4B valuation AI video. Around 30M users and ~$700M annualised revenue. • Fluidstack AI infrastructure provider serving frontier AI workloads. • Hume AI Voice AI. Uses IREN infrastructure to train and develop its models. And IREN still has an unnamed “leading frontier AI lab” customer that it hasn’t disclosed. That’s quite a mix: Hyperscalers GPU companies Frontier labs AI clouds Robotics Search Voice Video Inference The bit I find most interesting is that several of IREN’s customers are themselves becoming huge buyers of compute. That gives IREN exposure to a lot more than just one AI winner. $IREN $MSFT $NVDA More information below:

Customer websites for anyone wanting to dig deeper: Microsoft $MSFT microsoft.com NVIDIA $NVDA nvidia.com Prometheus prometheus.ai Perplexity perplexity.ai Together AI together.ai Figure AI figure.ai Cohere cohere.com Fireworks AI fireworks.ai fal fal.ai Higgsfield higgsfield.ai Fluidstack fluidstack.com Hume AI hume.ai Quite a customer list for a company that was essentially known as a Bitcoin miner a couple of years ago.

I hope so bro 👊

Happy Saturday bro

@danroberts0101 does a great job in this interview.

😂😂

Great write up as usual Franklee. I’m curious to know more about Iren cloud, I.e where does it differentiate itself from other players in the market & what are the strategic advantages are in the SaaS field. As we know, there are some high barriers to entry with some big players, so understanding this would be useful. I think Iren would have an advantage in the operations side of things, similar to how facilities management companies operate - so I would like to hear more from @danroberts0101 on the ER on what the long term plan for this is.

Is this a current customer showcase, or is it an extended deal?

Hahahahah

@IREN_Ltd @danroberts0101 - don’t worry. I still believe in you 🫡

In all fairness, CZ also has a huge following from China/Korea, so it wouldn’t just be the $1B. Elon has actually also pissed quite a few people off recently with his arrogance.

Dudes a fencer, one day on one side, next day the other side. 🤺

Okay Mr playbothsides

If you want millions of votes, then create the highest stock market pump in history.

Elons being super mean recently. Fudding everyone’s bags

Belief

Don’t do it bro, won’t hurt to take some time off X either.

@danroberts0101, it’s time sir 🫡

Krabby Pattie